Among the world of cryptocurrency, Monero is often overlooked. You might have heard about the Bitcoin, Litecoin, Zcash, but you might have never heard of Monero, as it is not considered to be the famous form of cryptocurrency. However, with the increasing trend of cryptocurrency and its trading, we think that Monero is going to be a hot topic in the world news.
So if you are wondering what is Monero, how you can make money with it and how it mined, you are at the right place. We have covered everything regarding XMR Monero Cryptocurrency below.
What is Monero (XMR)?
Monero or XMR is another kind of cryptocurrency like Bitcoin, Ethereum etc. That was discovered back in the year of 2014. It currently sits among the top 10 cryptocurrencies and is highly [privacy-focused. This form of the digital currency is claimed to be more private, more fungible, more secure and having a higher degree of centralization. It is also claimed to be untraceable and that is the reason why it is considered that it is going to be the best commodity to invest.
Just like Bitcoin, Monero (XMR) has a similar amount of the total supply – 18.4 million, among which around 10.2 million has been already generated. However, unlike Bitcoin, Monero is not traceable by default and its block size is dynamically adjusted. Moreover, it is accessible to everyone and is open source, allowing everyone to become their own bank. So, if you want to earn money and invest in Monero, you are on the right verge. Here’s how you can do that.
Mining and Making Money with Monero XMR
As mentioned above, Monero is a securer and safer option than other forms of cryptocurrency including Bitcoin and that is the reason XMR is a profitable venture. Due to its cryptographic algorithm, anyone with CPU or GPU can mine it and earn.
In order to mine and make money with Monero, you will need to have a Monero Mining Software on your CPU or GPU. Among the number of such software, you can get the XMR Stak that can be downloaded online. After getting and installing the Monero Mining Software, you will need to join the mining pool that will come with a small fee, that is completely justified to get a consistent income.
Once you have joined a legit Monero Mining Pool, it will ask for your wallet address. For this, you need to get the Monero Wallet ID to enter the application. You will be prompted to set a password after entering the Wallet ID. After setting your ID up, you will need to set up the CPU Config. File. To do this click on the CPU text document that gets generated. Once in the text document, we want to add the CPU threads to the text document so that it’ll utilize these threads for the monero miner. You need to run all the cores of your CPU for optimizing. After doing so, reboot the application. You will notice an increase in the hashrate that is normal as it is using both the GPU and CPU.
And that’s it. You can make money using Monero by mining it effortlessly. You can also make money by simply buying small amounts that you can exchange or sell.